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REGISTERED NUMBER: 02360320 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

IMBERSTATES LIMITED

IMBERSTATES LIMITED (REGISTERED NUMBER: 02360320)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


IMBERSTATES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: C Lerner
Mrs F R Lerner
I M Lerner





SECRETARY: Mrs F R Lerner





REGISTERED OFFICE: 115 Craven Park Road
South Tottenham
London
N15 6BL





REGISTERED NUMBER: 02360320 (England and Wales)





ACCOUNTANTS: Venitt and Greaves
Chartered Accountants
115 Craven Park Road
London
N15 6BL

IMBERSTATES LIMITED (REGISTERED NUMBER: 02360320)

STATEMENT OF FINANCIAL POSITION
28 FEBRUARY 2023

28.2.23 28.2.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 9,415,724 7,446,525
9,415,724 7,446,525

CURRENT ASSETS
Debtors 6 7,276,251 9,202,425
Cash at bank and in hand 512,070 506,203
7,788,321 9,708,628
CREDITORS
Amounts falling due within one year 7 (4,564,111 ) (4,537,916 )
NET CURRENT ASSETS 3,224,210 5,170,712
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,639,934

12,617,237

CREDITORS
Amounts falling due after more than one
year

8

(6,182,569

)

(6,244,734

)

PROVISIONS FOR LIABILITIES (450,868 ) (450,868 )
NET ASSETS 6,006,497 5,921,635

CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 11 2,652,167 2,652,167
Other reserves 11 84,190 84,190
Retained earnings 11 3,270,040 3,185,178
SHAREHOLDERS' FUNDS 6,006,497 5,921,635

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

IMBERSTATES LIMITED (REGISTERED NUMBER: 02360320)

STATEMENT OF FINANCIAL POSITION - continued
28 FEBRUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 January 2024 and were signed on its behalf by:




I M Lerner - Director



C Lerner - Director


IMBERSTATES LIMITED (REGISTERED NUMBER: 02360320)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

Imberstates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention except for the assets and liabilities which are required by FRS 102 to be stated at fair value.

Turnover
Turnover represent net rent receivable excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

IMBERSTATES LIMITED (REGISTERED NUMBER: 02360320)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 March 2022
and 28 February 2023 1,416
DEPRECIATION
At 1 March 2022
and 28 February 2023 1,416
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 7,446,525
Additions 1,969,199
At 28 February 2023 9,415,724
NET BOOK VALUE
At 28 February 2023 9,415,724
At 28 February 2022 7,446,525

Fair value at 28 February 2023 is represented by:
£   
Valuation in 1993 (274,345 )
Valuation in 2015 3,307,627
Valuation in 2017 (381,115 )
Cost 6,763,557
9,415,724

The company's investment properties were revalued by Cushman & Wakefield (specialist independent valuer) as at 12 April 2017.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 1,352 2,418
Other debtors 7,274,899 9,200,007
7,276,251 9,202,425

IMBERSTATES LIMITED (REGISTERED NUMBER: 02360320)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade creditors 14,036 14,034
Taxation and social security 58,061 132,468
Other creditors 4,492,014 4,391,414
4,564,111 4,537,916

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Other creditors 6,182,569 6,244,734

9. SECURED DEBTS

The following secured debts are included within creditors:

28.2.23 28.2.22
£    £   
Other loans 4,133,102 4,195,267

The company's investment properties are charged to Mount Street Mortgage Servicing Limited on behalf of LV Commercial Mortgages Ltd.

Farcastle Ltd, an associated company is the borrower and Imberstates Limited and other associated companies are guarantors.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £    £   
100 Ordinary Shares £1 100 100

11. RESERVES
Retained Revaluation Other
earnings reserve reserves Totals
£    £    £    £   

At 1 March 2022 3,185,178 2,652,167 84,190 5,921,535
Profit for the year 84,862 84,862
At 28 February 2023 3,270,040 2,652,167 84,190 6,006,397

12. RELATED PARTY DISCLOSURES

Other debtors include £9,207,010(2022 - £9,148,377) due from associated company Farcastle Ltd.

Included in the creditors due more than one year is the sum of £2,049,467 (2022 - £2,049,467) due to Creston Ltd a company where Mr C & Mrs F R Lerner are directors and shareholders